Overview

In addition to pension payments, eligible retired clergy may receive or have access to the following additional benefits:

• Resettlement Benefit
• Christmas Benefit
• Discretionary Cost-of-Living Adjustments
• Fund for Special Assistance
• Life Insurance Coverage (described in the section If You Die After You Retire)

This section provides information about each benefit (other than life insurance coverage), including who is eligible and benefit amounts.

Resettlement Benefit

The Clergy Pension Plan provides a resettlement benefit to help eligible clergy relocate when they retire. Here is how it works:

• You are eligible if you are an Active participant in the Clergy Pension Plan immediately prior to retirement.
• The resettlement benefit equals 12 times your monthly pension benefit based on your normal form of payment.
• If eligible, you will receive a resettlement benefit ranging from a minimum of $2,000 to a maximum of $20,000.
• The resettlement benefit is only payable when you first retire under the Clergy Pension Plan or, if applicable, after you receive long-term disability benefits for six months (or sooner, in certain cases). If you later return to active ministry, you will not be eligible to receive the resettlement benefit when you re-retire, even if you did not receive it when you first retired.
• You may receive the resettlement benefit as a lump sum cash payment when you retire or roll it over to an eligible retirement plan or individual retirement account.
• The resettlement benefit is considered taxable income in the year it is received if it is paid directly to you at retirement. However, as with many of the benefits provided by the Clergy Pension Plan, the resettlement benefit may be eligible for the housing allowance exclusion under the Internal Revenue Code. You should talk to your personal accountant or tax advisor to learn more.

Christmas Benefit

Each December during your retirement, the Clergy Pension Plan will provide a Christmas benefit (or 13th check) equal to $25 times your Credited Service.

In the event of your death, your survivor beneficiary, if you have one, and your eligible children will also receive a Christmas benefit each December equal to $25 times your Credited Service.

Discretionary Cost-of-Living Adjustments

Although not required by plan rules, the CPF Board of Trustees has generally granted a cost-of-living adjustment when inflation has justified it and the financial condition of the Clergy Pension Plan has allowed for it. While we make our own judgments regarding cost-of-living adjustments, it has been our practice to look to the U.S. Bureau of Labor Statistics’ Consumer Price Index as a benchmark to guide our thinking on inflation. Many other organizations, such as the Social Security Administration, look to the Consumer Price Index when making decisions about cost-of-living adjustments. We realize the Social Security Administration’s cost-of-living adjustment decision may not be a perfect proxy for retiree living expenses in every case, but it is the most well-recognized and objective measure available, so we continue to see value in referring to it when making our decision.